Navigating compliance for Lease Accounting can be complex. That’s why CoStar Real Estate Manager is making it even easier for companies to find compliance solutions with its network of authorized lease accounting software implementation partners.
A CoStar, PwC Partnership
PwC, an authorized enterprise lease accounting software implementation partner, is trained and ready to implement CoStar’s Enterprise Lease Accounting software as part of a broader compliance solution for ASC 842 and IFRS 16. CoStar can be deployed as part of PwC’s rapid readiness solution for lease accounting.
CoStar lease management software was carefully selected to help address customers transition needs. CoStar’s integrated solution, along with the rapid readiness approach, can potentially reduce the time needed for a traditional system implementation. Together, CoStar and PwC deploy a pre-defined, accounting focused system that is designed for near-term reporting needs, while also providing the foundation for sustainable lease management and reporting.
“While new lease accounting compliance remains a challenge for many organizations, it also represents an opportunity for many organizational improvements,” said Andy Thomas, president, CoStar Real Estate Manager. “The lease accounting standards provide new opportunities for companies to gain insight into how to maximize their reporting structure to realize cost savings and efficiency for the long-term.”
A previous survey on the progress of lease accounting standard adoption – published by PwC and CBRE – revealed that up to 75% of companies have not even started on lease accounting compliance yet or were just in the stage of assessing its organizational impact. The lack of progress is a big challenge, considering the reporting deadline is not far away. As companies rush to get compliance planning in gear, there are three big pitfalls that can cause the best-made plans to fail: Not involving the right people, not having adequate preparation, and not properly evaluating new processes. To help avoid common pitfalls associated with lease accounting compliance, click here to read, “3 Ways Lease Accounting Compliance Plans Can Fail”